Effects of water level fluctuations on body condition of Geophagus brasiliensis were studied in a 30 km2 Brazilian oligotrophic reservoir. Physiological condition (K) and gonadosomatic index (GSI) were compared according to water level (low and high). Females' best conditions were associated to higher resources availability during high water, since gonad development did not change between low and high water. Males' condition did not change between water levels, while the highest gonad development occurred in low water. Females presented higher reproductive investment than males, which allocated most of energy for somatic development. This strategy could be a mechanism to undergo the stress caused by oligotrophic characteristics of the reservoir enhanced during low water level.